Twitter has money licenses in three states, opening door for Musk’s plan to make ‘everything app’

According to reports, Twitter has successfully obtained licenses for money transmission in three states, marking a significant milestone in Elon Musk's ambitious endeavor to transform the social media platform into a multifunctional application.

According to Fortune, the organization has obtained permits to both collect and send money in Michigan, Missouri, and New Hampshire. To establish itself as a payment processor across the entire country, the company must acquire similar permits from every state.

Twitter is looking forward to establishing a payments enterprise that can assist in generating the much-required income.

According to a presentation made by the company's top management in May, it is projected that the emerging industry could potentially yield around $1.3 billion in revenue for Twitter by 2028.

It's an injection of funds that arrived just in time.

Twitter has experienced a significant decrease in its worth, decreasing by around 66%, ever since it was obtained by Mr. Musk in October.

Upon acquiring the company, Mr. Musk expressed that purchasing Twitter served as a catalyst for the development of X, an inclusive application encompassing all essential online services. He emphasized that Twitter would play a pivotal role as the worldwide hub, a "digital town square," within the all-encompassing everything app.

There are already similar applications available in Asia, like the highly sought-after Chinese platform WeChat, which allows users to exchange posts, receive updates, conduct mobile transactions, reserve dining spots, and request taxi services.

In April, Mr. Musk consolidated Twitter with his X Holdings Corp, which he announced as the ultimate parent company of his diverse ventures like Neuralink, SpaceX, Tesla, and the Boring Company.

There were skeptics who questioned whether Mr. Musk could actually accomplish his ambitious goals for X.

"Super applications, as they are commonly referred to in the field, have been well-established in Asia but have not gained popularity elsewhere," mentioned social media specialist and industry analyst Matt Navarra in his conversation with the PA news agency following Mr. Musk's acquisition of Twitter. "Is it possible for Twitter to become part of a super app that offers services like shopping, chatting with friends, receiving news updates, and booking taxis? Absolutely. Can Elon Musk make it successful? Maybe. Will Elon actually proceed with it? Who can say for sure. He appears to have a tendency to lack commitment."